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Import Export Code (IEC) is the 10-digit code that is obligatory to obtain by every importer and exporter establishment in India. An IEC is the fundamental business IEC number is issued by issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce.
Import Export Code (IEC) is the 10-digit code that is obligatory to obtain by every importer and exporter establishment in India. An IEC is the fundamental business IEC number is issued by issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce.
Is it mandatory to obtain IEC registration or IEC online certificate?
Indeed, obtaining IEC registration or online IEC certificate is mandatory, without which export and import must not be authorized unless especially exempted. However, IEC is not compulsory to export services, excluding the service provider is taking benefits under Foreign Trade Policy.
What is the IEC certificate validity?
After completing IEC registration, an importer and exporter must not acquire it again because it’s permanent.
Thus, once the IEC online is registered, it does not require renewal or update unless an IEC of an establishment is surrendered or the business has terminated. Thus, IEC certificate validity is forever.
Benefits of Import Export Registration
Legal Benefits
IEC registration is important because, without IEC, an establishment can not continue exporting and importing in India unless it is specially exempted.
If an importer or exporter fails to obtain the IEC, first, they won’t be allowed to engage in importing or exporting. However, obtaining IEC once is enough as it does not require an update or renewal.
Moreover, it also eliminates illegal import and export because it allows the authority to supervise and appropriately regulate the transactions undertaken as a part of cross-border business.
Provide Wider Market Access
As mentioned, without obtaining an import-export code, importing or exporting will be prohibited in India. Consequently, an IEC allows the establishments to engage in import or export to reach the broader market globally.
Therefore, allowing you to reach customers from foreign countries will grow the business by leaps and bounds.
Advantages of Schemes
An IEC registered establishment avails subsidy and other benefits as declared by the Export Promotion Council, Customs, and other authorities.
Moreover, after filing the LUT and GST, the exporters can export without paying taxes. On the contrary, if the exporter makes the payment of taxes, he has the authority to claim the refund of the paid amount.
